Topps announced Tuesday that it will go public through the special-purpose acquisition company. Mudrick II Capital Acquisition Corporation (NASDAQ: BARROS). The deal values Topps at $ 1.3 billion.
Topps is best known for their sports cards, specializing in baseball cards for over 75 years. The company recently entered the non-fungible token space.
By using blockchain technology, an NFT is unique and cannot be copied, similar to having an individual business card.
See also: Topps Business Card Company Announces SPAC Agreement, Continued Expansion of NFT
Eisner On The Topps SPAC Offer: Topps took the SPAC route because of the speed and sponsors, Michael Eisner, company president and former CEO of Walt disney co (NYSE: DIS) said Tuesday on CNBC’s “Squawk Box.”
He appeared with Jason Mudrick, CIO of Mudrick Capital.
“There is a lot of flexibility,” Eisner said. “It seemed like the right thing to do at this point.”
Mudrick said Topps made more than $ 500 million in revenue last year and is projected to grow more than 20% this year.
Eisner said the company’s sports and entertainment business is booming.
Cardboard cards appeal to kids, while digital cards appeal to teens and young adults, he said.
“The company is in exactly the same financial situation that Disney was in 1984 when I went there. If we do one-tenth as well as Disney, I’ll be very happy.”
The deal is expected to close at the end of the second quarter or the beginning of the third. At that time, Topps would become a Nasdaq-listed company and would trade under the ticker symbol “TOPP.”
On Benzinga’s “PreMarket Prep” show Tuesday, co-host Dennis Dick said “acquisition announcements are fading fast.”
MUDS price action: Mudrick Capital Acquisition Corp II was up 13.54% to $ 11.24 in the latest check on Tuesday.
Image by HeungSoon from Pixabay.
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